July 28, 2021

Middle East Views

Middle East Views

UAE – A.M. Best rates Islamic Arab Insurance Company (Salama)

  A.M. Best has placed under review with negative implications the financial strength rating of A- (Excellent) and issuer credit rating of “a-” to Islamic Arab Insurance Co. (Salama) (United Arab Emirates).  The rating actions are due to the uncertainty regarding its main subsidiary, BEST RE (L) Limited (BEST RE) ...

SAUDI ARABIA -A.M. Best affirms rating of Trade Union Cooperative Insurance Company

A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb+” of Trade Union Cooperative Insurance Company – A Saudi Joint Stock Company (TUCI) (Saudi Arabia). The outlook for all ratings remains stable. The ratings reflect TUCI’s strong level of risk-adjusted capitalisation, good...

BAHRAIN – A.M. Best affirms rating for ARIG

A.M. Best Rating Services Limited has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb+” of Arab Insurance Group (B.S.C) (ARIG) (Bahrain). The outlook for both ratings remains stable.  The ratings of ARIG reflect its solid business position in the Middle East regional reinsurance...

UAE – UAE residents urged to be thrifty

Nexus Insurance Brokers warned the residents of the United Arab Emirates that continuing to “live for the moment” may lead to an uncertain financial future.  The trend for spending without forethought was vividly detailed in the recently published 2011 National Bonds Saving Index, which found that 87 percent of the...

UAE – Standard Life announces launch of its office at the DIFC

  Standard Life today announced the launch of its office at the Dubai International Financial Centre (DIFC), which will offer products to the UAE based financial intermediaries. The company has been granted a licence by the Dubai Financial Services Authority (DFSA) to establish a branch of ‘Standard Life International Limited’...

QATAR – QIC gets assigned a financial strength rating of ???A???

A.M. Best has assigned a financial strength rating of A (Excellent) and issuer credit ratings of “a” to Qatar Insurance Co SAQ (QIC) and its main subsidiaries: QIC International LLC (QICI) and Q-Re LLC (Q-Re). The outlook for all ratings is stable. All companies are domiciled in Qatar.  The ratings...

JORDAN – GJU signs MoU with JOIF

The German Jordanian University (GJU) signed a Memorandum of Understanding (MoU) with Jordan Insurance Federation (JOIF) aiming at enhancing mutual relations among both parties in the field of insurance on 25 November 2012. The MoU was signed by the University President Prof. Labib Khadra and JOIF chairman Mr. Othman M....

UAE – New legislation to increase exposure for Directors

The UAE is drafting changes to the current Federal Law No. 8 of 1984, known as the ‘Commercial Companies Law’, ranging from altering restrictions on foreign ownership to expanding the scope of the UAE Free Zone. The intention of the draft is to make the UAE an easier place to...

KSA – AXA reports increase in gross premiums for Q3

AXA Cooperative Insurance Company has recorded a 1.7 percent increase in gross written premiums for the third quarter to SAR 125 million while net written premiums decreased 3 percent to SAR 96 million.   The company recorded a net loss of SAR1.8 million (USD 480,000) before Zakat and tax compared...

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